Stocks Rally on Improving Economy; Irish Bonds Slip, Oil Surges
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Stocks rallied, driving the MSCI World Index up from a five-week low, after U.S. jobless claims declined to the fewest since 2008 and German business confidence improved. Yields on Treasuries and Irish bonds increased and oil surged.
The MSCI World advanced 0.8 percent at 4 p.m. in New York. The Standard & Poor’s 500 Index added 1.5 percent to 1,198.35, ending a two-day slump. Irish 10-year yields soared 45 basis points to 8.86 percent, while those on Treasuries of similar maturity jumped to the highest in four days. Oil surged the most in four months.